Nexstar Media sells 19 TV stations to clear Tribune Media purchase

Nexstar Media Group is selling 19 television stations for $1.32 billion as part of its deal to acquire Chicago-based Tribune Media, owners of WGN-TV and WGN-AM radio.

The Irving, Texas-based media group will sell 11 stations to Tegna Inc. for $740 million and eight stations to E.W. Scripps Co. for $580 million. Officials said the company is still in active talks to sell two stations in Indianapolis.

Nexstar announced in December it would acquire Tribune Media, which in addition to the WGN, owns 40 other stations in major markets, including New York, Los Angeles and Washington D.C.

The $4 billion deal was approved by Tribune shareholders on March 12.

Part of that agreement requires Nexstar to sell certain television stations in order to comply with the FCC local and national television ownership rules and to get FCC and Justice Department approval of the Tribune Media transaction.

Nexstar, the second largest television station owner in the U.S., it'll use proceeds from the sale of the television stations to fund its Tribune deal and to lower debt.

The acquisition of Tribune Media will boost Nexstar's holding to more than 200 stations covering 39 percent of TV households in the U.S.